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Offshore Investors Sell Local Equities For Second Straight Week, Dump Local Bonds

JAPAN DATA
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Offshore investors remained net sellers of Japan stocks last week. Whilst the outflows were more modest than the prior week it was still the first back to back weekly outflows since the first half of Dec last year. We are still comfortably positive in terms of year to date inflows, but momentum has clearly waned. This trend came despite the better equity backdrop into the tail end of last week.

  • Offshore investors also dumped local bonds, with nearly -¥3900bn in outflows. Last week obviously marked the departure from NIPR for the BoJ. This was the largest weekly outflow since early 2023.
  • In terms of Japan outbound flows, we saw a decent pick up in offshore bond flows. We saw modest outflows to global equities as well, but this is only partially offsetting the prior week outflows.

Table 1: Japan Weekly Investment Flows

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Offshore investors remained net sellers of Japan stocks last week. Whilst the outflows were more modest than the prior week it was still the first back to back weekly outflows since the first half of Dec last year. We are still comfortably positive in terms of year to date inflows, but momentum has clearly waned. This trend came despite the better equity backdrop into the tail end of last week.

  • Offshore investors also dumped local bonds, with nearly -¥3900bn in outflows. Last week obviously marked the departure from NIPR for the BoJ. This was the largest weekly outflow since early 2023.
  • In terms of Japan outbound flows, we saw a decent pick up in offshore bond flows. We saw modest outflows to global equities as well, but this is only partially offsetting the prior week outflows.

Table 1: Japan Weekly Investment Flows

Keep reading...Show less